Tinubu signs Defence Industries Corporation of Nigeria bill into law

President Bola Ahmed Tinubu has signed the Defence Industries Corporation of Nigeria (DICON) Bill, 2023, into law.

Tinubu’s spokesperson, Ajuri Ngelale, made the announcement in a statement on Thursday.

The bill was sponsored by the Chairman of the House of Representatives Committee on Defence, Hon. Babajimi Benson (APC—Ikorodu Federal Constituency).

The DICON Bill, 2023, according to Ngelale, repeals the previous version of the Defence Industries Corporation of Nigeria Act and empowers DICON to operate, maintain, and control subsidiaries and ordnance factories to manufacture, store, and dispose of ordnance and ancillary stores and materials.

Ngelale noted that the bill also establishes the Defence Industry Technology, Research, and Development Institute (DITRDI) to create an elaborate scientific and research-based technological foundation for Nigeria’s defence industry.

“Establish the Defence Industry Technology, Research, and Development Institute (DITRDI) to create an elaborate scientific and research-based technological foundation for Nigeria’s defence industry through the leveraging of combined, multi-disciplinary research from multiple military research institutes for application that leads to commercialisation and the development of new military technology and capacity in Nigeria,” Ngelale stated.

In addition, he disclosed that the 2023 DICON Bill also provides a comprehensive regulatory framework for the regulation of the manufacturing, distribution, storage, and disposal of defence articles in Nigeria.

The bill also encourages the development of a nuanced financing architecture that allows private capital to facilitate research, development, and production in the defence sector in a transparent and predictable manner, according to the presidential aide.